Shane Allman
Escrow account for rent Question
8 July 2024 | 2 replies
This separation helps in maintaining clear financial records and simplifies tax reporting and financial management.Setting up an escrow account specifically for rental income within your LLC can offer several benefits:Financial Clarity: It separates rent payments from other operational expenses, making it easier to track income and expenses related to the rental property.Legal and Compliance: Helps in demonstrating that rental income is kept distinct from personal or other business funds, which can be important for legal and tax compliance purposes.Tenant Transparency: It provides transparency to tenants and other stakeholders regarding where rental payments are deposited and how they are managed.While it may not be a legal requirement in all cases, maintaining an escrow account specifically for rental income is a prudent practice that many experienced investors and landlords follow.
Colby Wartman
Cost Segregation Study Experience
8 July 2024 | 6 replies
Any and all help would be greatly appreciated, thanks!
Scott Davis
Suggest software/apps (research, off-market leads) for low-volume niche investor
9 July 2024 | 1 reply
PLEASE feel free to share your favorites, whether mentioned here or not, or help point me in the right direction however you can!
Julio Gonzalez
Cost Segregation Study on Multifamily Property
8 July 2024 | 0 replies
Thanks to the Cost Segregation Study, the property investors were able to reclassify the property into the following categories to accelerate the depreciation resulting in first year depreciation of $26,167,989.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.
Ethan Bruland
Zoning and Redevelopment
9 July 2024 | 4 replies
Your local zoning officer and Planning Commission can help with this on the municipal side.
Ross Francis
Maine-tenance on multifamily
8 July 2024 | 2 replies
As a hard money lender who works with many investors in the Portland area, I can share some insights on maintenance costs for multifamily properties in this market, though individual experiences may vary:Lots of investors report a slight decrease in maintenance costs during winter months, bc of:- Fewer landscaping needs - Less wear and tear on HVAC systems (as heating is generally less intensive than summer cooling)- Reduced tenant turnover in winterWinter-specific issues can arise:- Potential roof repairs due to heavy rain or occasional snow- Gutter cleaning and maintenance to prevent water damage- Heating system repairs or maintenancePortland-specific factors:- The mild climate helps reduce extreme weather-related maintenance issues. - Older housing stock in some areas may require more upkeep. - Strict local regulations can also sometimes increase compliance-related maintenance costsCost-saving strategies I've seen help:- Preventative maintenance programs can help reduce overall costs obviously - Some investors report success with in-house maintenance teams for larger portfolios- Energy-efficient upgrades can help reduce utility costs in the long runYour specific costs will depend on factors like the age and condition of your properties, your management style, and the specific neighborhoods you're invested in, but hope this helps!
Vincent Gamboa
Can you wholesale a deal won at the auction?
10 July 2024 | 35 replies
Thank you all in advance for the help!
Kris Patel
How to Wholesale A House As An 18 Year Old, Already Have Contract Signed?
10 July 2024 | 10 replies
That way, you can get real feedback from other investors.Also, another way is to look for cash transactions or rehabs sold within 1/2 to 1 miles radius of the house you are wholesaling and see if you can find the realtor that represented those buyers as more likely those are investorsreach out to the realtor and see if their cash buyers will be interested in buying the propertyKeep in mind the realtor needs to be knowledgeable when working with investors, otherwise, they will give more more headaches than help